The company said the offer "fundamentally undervalues the company and its prospects."

“The board of eOne has reviewed the proposal and has unanimously rejected it on the basis that it fundamentally undervalues the company and its prospects,” eOne said Wednesday in a statement.

News of ITV's bid first emerged in April, the largest and most ambitious attempts to further broaden the expanding company. Last year, it bought The Voice creator Talpa for up to $1.17 billion and has picked up stakes in a succession of production houses in both the U.K. and the U.S. as it expands its ITV Studios arm, including Mammoth Screen, Monumental Television, Tourfour and DiGa Vision. When it bought Leftfield Entertainment in 2014, ITV became the biggest independent producer of unscripted TV in the U.S.

The acquisition of eOne, which is the majority owner of the popular Peppa Pig children's franchise, would have further strengthened ITV's international reach, while helping it establish a major foothold in film distribution and production.